North American revenue reached about $926.5 million, an increase of 6 percent with the U.S. posting organic recurring revenue of roughly $732 before, an increase of 8 percent before currency adjustments. Canada had revenue of about $148.3 million, an increase of 5 percent. After currency, Sage’s net profit rose 8 percent to about $285 million while revenue dropped 3 percent to approximately $2.5 billion, given the large proportion of revenue coming in U.S. dollars. In this week’s earnings webcast, CEO Steven Hare noted that “Sage Intacct is central to our medium segment.” He also detailed the important of the newly renamed Sage Intacct Planning, formerly Intacct Planning and Budgeting . He said the product has about 10 percent of the Intacct base with sales up about 60 percent in FY21. Overall, Hare pointed to the performance on this continent. “There’s no doubt the North American market has come back strongly,” he said. Hare also noted the company’s decision to eliminate 800 positions now under away. Sage took a charge of about $117.4 million as a result, but Hare cautioned that “all savings will be re-allocated to investment and head count” and resources are shifted to the cloud effort.
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INTACCT FY21 REVS UP 22 PERCENT Featured
Intacct recurring revenue grew 22 percent year-over-year to approximately $222.1 million for Sage’s year ended September 30. That came as revenue growth for the United States outstripped other countries before currency.